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GasBuddy News Article

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Crude ends higher, gains 4.2 percent in first quarter

Reuters -- Crude futures edged up on Friday on ongoing concerns about Iran and supply disruptions, improved consumer sentiment and a weak dollar, as oil prices posted a 4.2 percent gain in the first quarter.

Crude futures' trading trajectory was choppy and prices jumped late in the session after the Obama administration said there is enough global oil supply to allow countries to cut imports from Iran.

U.S. President Barack Obama was required by law to determine by March 30, and every six months after that, whether the price and supply of non-Iranian oil are sufficient to allow consuming nations to "significantly" cut their purchases from Iran.

The law allows the U.S., after June 28, to sanction foreign banks that carry out oil-related transactions with Iran's central bank.



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Submitted Mar 31, 2012 By: brbaritone
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Crude ends higher, gains 4.2 percent in first quarter Back to Topics
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WalRus49
Champion Author Boston

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Message Posted: Apr 1, 2012 1:32:00 AM

More organized mayhem and pillage.............
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Nicoalbum
Champion Author Ottawa

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Message Posted: Apr 1, 2012 12:12:18 AM

I don't know whether this is good or bad.
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gawxnative
All-Star Author Atlanta

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Message Posted: Mar 31, 2012 1:26:30 PM

We need a greater ratio of production at home...also wondering what the sanctioned banks may do..such as "dump" the US backed bonds on the market
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investmentdr
Champion Author Cleveland

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Message Posted: Mar 31, 2012 12:51:10 PM

stock market was up a lot more
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jwkycola
Champion Author Columbia

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Message Posted: Mar 31, 2012 11:14:52 AM

Maybe it's leveling off finally.
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fowlcan
Champion Author Oklahoma City

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Message Posted: Mar 31, 2012 11:05:33 AM

Good?? Who knows.
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wildddkattt80
Champion Author Phoenix

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Message Posted: Mar 31, 2012 10:52:52 AM

Hopefully it's reached its peak
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07skydriver
Champion Author Ohio

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Message Posted: Mar 31, 2012 10:50:17 AM

Gas price is slowly dropping.
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brbaritone
Champion Author Virginia

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Message Posted: Mar 31, 2012 10:25:15 AM

Some other interesting points from the article:

For the quarter, front-month crude rose $4.19, or 4.2 percent. For the month, U.S. crude fell $4.05, or 3.78 percent. For the week, it fell $3.85, or 3.60 percent.

For the quarter, front-month Brent crude jumped $15.50, or 14.4 percent. For the month, Brent managed a gain of 22 cents, or 0.18 percent. For the week, Brent fell $2.25, or 1.80 percent.

Expiring NYMEX April RBOB gasoline slipped 1.07 cents to settle at $3.3899 a gallon, but gained 70.36 cents, or 26.19 percent for the quarter. For the month, RBOB gained 34.76 cents, or 11.43 percent. For the week, RBOB gained only 0.47 cent, or 0.14 percent.

A Reuters survey showed OPEC oil output rising in March to its highest level since October 2008 as higher Iraqi and Libyan output offset less production in Iran.
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pizzaman09
Champion Author Indiana

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Message Posted: Mar 31, 2012 10:25:14 AM

BOYCOTT GAS
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brbaritone
Champion Author Virginia

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Message Posted: Mar 31, 2012 10:22:13 AM

Yeah, and gasoline went up 26%. Figure that one out. Not only is there a long-standing disconnect between supply-and-demand principle and oil prices, there is a growing disconnect between oil prices and gasoline prices.
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